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Bitcoin Private Skyrockets and Reaches the Top 40 Cryptos By Market Cap

ยท 13 Apr 2018 in Cryptocurrency News, Home
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

One of the many different forks of Bitcoin, Bitcoin Private (BTCP), has reached new levels on April the 12th. The new virtual currency is now the 31st most important by market capitalization, it has registered a growth of 110% in the last 24 hours (the second largest growth in the top 100 cryptos), and it is being traded at $31.30 dollars.

Bitcoin Private Skyrockets

Bitcoin private may soon overtake Bitcoin Gold, another hard forked crypto, that is now the 28th most important crypto in the market. In this way, Bitcoin Private has reached levels that it had in March. Its market capitalization is $604 million dollars.

One of the main characteristics of Bitcoin Private is that it uses Equihash hashing algorithm. Since the genesis block, that took place on March the 3rd, it has been added to several cryptocurrency exchanges like Octaex, Nanex, Exrates, and Trade Satoshi. Other cryptocurrency exchanges like HitBTC and Binance announced that thy are also thinking about listing BTCP to their platforms.

Bitcoin Private was born as a hard fork from ZClassic (ZCL) and Bitcoin (BTC), at blocks 272991 and 511346 respectively. One of the main features of Bitcoin private is that it uses the zk-snarks (zero knowledge snarks) privacy technology that can be found in ZClassic. In his way, payments are published on a public blockchain, but the sender, recipient and other transactional metadata remain unidentifiable.

BTCP has been created in order to potentiate and improve the privacy features of the original Bitcoin network. It is clear that bitcoin lacks some privacy features that developers were not able to solve without a hard fork. Holders of BTC and ZCL, are eligible for Bitcoin Private coins with a distribution ratio of 1:1.

Bitcoin Private algorithm is ASIC resistant, and it is GPU friendly for miners. At the same time, Bitcoin Private supports peer-to-peer transactions without any intermediary. Moreover, the transactions are verified by network nodes through cryptography. There are over 70 contributors, and over 20 engineers working on the BTCP initiative.

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